As an investor, you’re always searching for that next steal of a property. One of the best ways to get great properties at huge discounts is to search off the market. Unlike listed properties, off market properties tend to be undervalued. If you haven’t dipped your toes into this type of investing, you may wonder how to get started. Use the following text as your guide.
Defining Off Market Real Estate
To understand how to go about searching for off market real estate, you first need to know what, exactly, the term means. “Off market” simply means that property wasn’t submitted to the Multiple Listing Service for advertisement. Word of mouth through the broker’s network is typically the only way the availability of the property is made known.
Finding Off Market Property
If you want to buy off market property, there are a few tricks you can try. Here are the top three.
1. Talk to Your Network
Any veteran real estate agent, investor or broker will tell you that networking is crucial to their success. There is always someone who knows someone who knows someone who is looking to sell a great property, so let your intentions be known to anyone who cares to listen. Your perseverance is likely to uncover a lead, or several.
2. Partner With a Local Real Estate Agent
If you’re asking how you can find off market properties near you, the answer is simple: Talk to your local real estate agents. Agents are familiar with the local market and of every active listing in the area — both on and off market. By partnering with an agent, you can gain access to some of the hottest off market properties around.
3. Send Out Flyers
There are many homeowners out there who would consider selling if they received the right offer. Though time consuming, going this route can yield some of the best deals, as many potential sellers have no idea what their properties are worth and may view your offer as a chance to start anew.
Off market properties can be a great investment. Use the above tips to get started on your next phase of investing today.